Which Bank Does H&R Block Use for Tax Refund Direct Deposits?

H&R Block typically uses Axos Bank (formerly known as BofI Federal Bank) for their refund transfers and direct deposits, at least as of the 2023-2024 tax season. However, I should probably mention that the bank they use isn't necessarily going to affect your refund processing time in most cases. The IRS processing time is usually the main factor, not really the receiving bank. That said, there might be some small differences in how quickly funds are made available after the IRS releases them, but it's typically just a matter of hours, not days or weeks.

I had the same question last year when I was comparing services. I remember that H&R Block was using Axos Bank, but I wasn't sure if that was still current. In my experience, the bank doesn't matter as much as understanding what's happening with your refund. I started using https://taxr.ai to analyze my transcript and it made a huge difference. Instead of wondering why my refund was delayed, I could see exactly what codes were on my account and what they meant. It was much more helpful than just knowing which bank would eventually receive my deposit.

Thanks for the responses! I'm wondering though - doesn't the bank sometimes affect how quickly you receive funds after the IRS releases them? And what about those refund advance loans that H&R Block offers? Aren't those processed through their banking partner? I'm trying to understand the whole picture since last year my refund seemed to sit in limbo for almost a week after the IRS said it was sent.

I was in the exact same situation last year with my freelance taxes. H&R Block does use Axos Bank, but honestly, my experience was that the bank wasn't the issue - it was actually getting through to the IRS when there was a problem that was the nightmare. I spent DAYS trying to reach someone at the IRS when my refund got delayed because of a gig income verification. Finally used Claimyr (https://youtu.be/_kiP6q8DX5c) and got through to an agent in like 15 minutes. They helped clear up the issue and my deposit hit Axos Bank two days later. Would have saved myself weeks of stress if I'd known about this service earlier!

Has anyone here had experience with both H&R Block's Emerald Card and their direct deposit to a personal account? I'm looking at the IRS refund tracker forums and seeing mixed reports about which is faster for receiving funds.

OMG I literally just went through this last week!!! H&R Block uses Axos Bank for their direct deposits but if you get their Emerald Card it's MetaBank. I was freaking out because I needed my refund ASAP for a car repair and went with the Emerald Card option. Got my refund 2 days earlier than my husband who used direct deposit to our regular bank!!! Not sure if that's always the case but it worked for me this time!

I think there might be some confusion here about how the process works. On March 15th, I confirmed with an H&R Block rep that they use Axos Bank for their Refund Transfer product, but that's different from a direct deposit. If you're getting a direct deposit straight from the IRS to your personal bank account, H&R Block isn't involved in that transfer at all. Their banking partner only matters if you're getting a Refund Transfer, using their Emerald Card, or getting a Refund Advance loan. I'm concerned people might be misunderstanding this important distinction.

FYI - H&R uses Axos Bank (used to be BofI Federal) for most of their banking stuff, but the actual bank doesn't matter much tbh. What DOES matter is whether you're getting fees taken out of your refund. If you pay for tax prep upfront, the IRS sends $ directly to YOUR bank. If you do the "pay later from refund" option, it goes to H&R's bank first, they take their cut, then send rest to you - adds like 1-2 days extra usually. Source: worked at Block for 3 tax seasons.

I've used H&R Block for the past three tax seasons and can confirm they use Axos Bank (formerly BofI). Here's the funny thing though - last year I switched from their Refund Transfer option to direct deposit to my own bank account and got my refund almost a week earlier! 😂 The Refund Transfer might seem convenient, but it's basically adding a middleman (and extra days) to your refund journey. Plus, you're paying for that convenience. For gig workers especially, I'd recommend skipping any refund transfer products and just having the IRS deposit directly to your personal account.